The end of physical cards and cash?

ANZ goMoneyFrom today, around 90,000 ANZ goMoney customers will be able to make everyday purchases with their mobile phones following the launch of ANZ’s goMoney Wallet.

The wallet is the latest enhancement for ANZ goMoney and will enable customers to make contactless payments with just one tap of their Android smartphones.

“Technology has transformed banking so customers can now do their banking 24 hours a day from wherever they are in the world via online banking or mobile banking. This transformation is now changing how people pay for goods and services,” said Fred Ohlsson, MD for retail and business banking at ANZ.

“Ultimately this could mean the end of physical wallets of cards and cash.”

Liz Maguire, ANZ’s head of digital channels and transformation, said goMoney Wallet will be available to around 90,000 customers at launch and will support ANZ Visa Debit and ANZ personal Visa credit cards.

“Customers look to banks less for transactions and more for the tools to manage their money when and where they want. A mobile wallet was the number one request from ANZ goMoney customers when they were surveyed earlier this year,” she said.

The key benefit of the goMoney Wallet is that it is within ANZ’s trusted mobile banking app, ANZ goMoney, removing the need for a separate app or SIM card upgrade. Payments can be made in the same way as customers use a contactless card with a PIN only required for transactions over $80.

This makes for a “much better customer experience” than the Semble process, she said.

On November 5, the first live payments using NZ’s mobile wallet, Semble, were made across the country as part of the company’s objective in conjunction with ASB and BNZ to be a pioneer in contactless payments. ANZ was not part of this but is a shareholder in Semble.

Using Host Card Emulation (HCE) technology, ANZ goMoney Wallet will feature the most advanced encryption technology to protect customers’ financial information.

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